Singapore legislation
Section 66
Section 66
Business rules of approved clearing houses
(1)
Without limiting sections 57 and 81Q —
the Authority may prescribe the matters that an approved clearing house must provide for in the business rules of the approved clearing house; and
the approved clearing house must provide for those matters in its business rules.
(2)
An approved clearing house must not make any amendment to its business rules unless it complies with such requirements as the Authority may prescribe.
(3)
In this Subdivision, any reference to an amendment to a business rule is to be construed as a reference to a change to the scope of, or to any requirement, obligation or restriction under, the business rule, whether the change is made by an alteration to the text of the business rule or by any other notice issued by or on behalf of the approved clearing house.
(4)
Any approved clearing house which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.